Dubai’s Damac issues $100 million private placement 18-month sukuk

By Susanna Moon

Chicago, Sept. 23 – Dubai’s Damac Real Estate Development Ltd. issued $100 million of senior unsecured 18-month certificates (/BB) in a private placement.

Emirates NBD Capital Ltd. is the bookrunner and lead manager.

“The proceeds of the offering will be used for general corporate purposes and for the acquisition of land plots to strengthen and extend the company’s development pipeline, in accordance with our medium term funding strategy,” Adil Taqi, chief financial officer of Damac, said in a company press release.

The company is a 100% owned company of Damac Properties Dubai PJSC, a developer of high-end and luxury residential property in the Middle East. The company is based in Dubai.

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